St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-09
A RT1cLEs OF Observation-Disclosures

Art. 1.-The general purposes of said cor
poratlon and the general nature of its bust
ness shall be the accumulation of funds by
the contributions of its members, to be loaned
to such members as desire the same, upon
such terms and in such manner as the by
laws may hereafter provide; also the pur-
chase, holding and sale of real estate taken
on forfeiture, foreclosure or otherwise, and
III which said society may have any interest,
and any other business naturally pertaining
to its principal object as aforesaid.
The principal place Of business of said
society shall be in the city of st. Paul, in said
county and state
Art. III-The said society shall commence
on the 18th day of June, A. d. 1887, and con-
tnue for thirty years, and the first monthly
meeting of said society shall be held at
Rooms rs and rs Globe building, st. Paul,
on Saturday evening, June 18, 1897 at half
past seven o'clock.
Art. IV-The amount of capital stock of
said society shall be one million Isl ,O00, 0O0)
dollars, divided into one hundred thousand
shares of ten $50 dollars each, to be paidin
monthly installments of five ~ cents per
share at such times and under such regula-
tons. as the bylaws may direct, but said
society may go into operation and transact
business whenever ten thousand 100000
shares Of stock shall have been subscribed for
and taken.
Stock may be forfeited for neglect or re-
fusal on the part of the holder thereof to pay
any installments, assessments, dues, interest,
premium or fines for which he shall become
liable III such manner as prescribed by the
bylaws.
The board of directors shall have power to
issue said shares from time to time, as they
may decide by resolution hereafter, and shall
have power, in their discretion, to retire the
unpledged shares of any series of stock of
this society at any time after the first year
from the date of the issue of said stock, and
enforce the same in such manner as may be
prescribed by the bylaws.
Art. V.-The highest amount of indebted
fot,i y, fnI,o t,,11
any time incur is thirty thousand (S30,00O)
dollars, but for the purpose of reoeeming its
capital stock it may be increased to fifty
thousand $50, 00O) dollars.
The directors of said society are hereby au-
thorized and empowered, in their discretion,
to borrow money for the purpose of loaning
to the members of said society at any time,
provided the said liabilities shall not at any
time exceed thirty thousand $50 1000 dol
lars. except for the purpose of redeeming its
capital stock as aforesaid
Art VI.-The names and places of resi-
dence OF the persons forming said corpora
ton are as follows, VIZ: Hermann Scheffer,
residing at st. Paul, Mimi; Charles Kittel-
son, residing at st. Paul, Mimi. C. H. Lienau,
residing at st. Paul. Mimi: O. E. Holman,
residing at st. Paul, Mimi; Edward r. Bry
ant, residing at ST. Paul, Mimi. Henry
Weber, residing at st. Paul, Mimi; William
Berlandi, residing at St. Paul, Mimi; Joseph
Minea, residing at st. Paul, Mimi Gilbert
Donaldson, residing at st. Paul, Mimi. r. f.
Marvin, residing at st. Paul, Mimi; John
Fisher residing at st. Paul, Mimi; j. o. Yer
Berreau, residing at st. Paul, Mimi; Paul
Martin, residing at st. Paul, Mimi; Charles
70. Pierce, residing at st. Paul, Mimi; w. G.
Bryant, residing at st. Paul, Mimi; 2. j.
Glesen, residing, at St.. Paul, Mimi.
Art. VII.-The officers of said corpora
ton shall be president, vice president, Sec
rotary, treasurer, and attorney, and ten (I0)
directors, all of whom shall be stockholders.
my dnTnf win f1nrl n faraf al
rectors shall be elected by the stockholders
by ballot annually. on the third Saturday in
June in each year after the year 1887.
The board of directors shall, at their first
directors meeting in June in each year, after
the year 1887, elect secretary, treasurer and
attorney. The said officers and directors
shall each hold his Office for one year from
June until June following, and until his sue
cessor is elected and has qualified and &C
cepted his office.
The president, vice president, secretary,
treasurer and attorney and ten directors shall
form board of directors for the transaction
and arrangement of the affairs of said corDo-
ration, and shall have full power to adopt all
rules and regulations and pass bylaws de-
filming the duties of officers of said society,".
for the imposing of reasonable fines, assess
ments and dues upon its members, regulating
the subscriptions, the issuance, transfer and
retiring of stock, and management and in
yestment of its funds and loans to the MEM
bers,. and generally to adopt all measures nee
essary to carry out the objects of this corpo-
ration and not inconsistent with the articles
of incorporation. Until said officers shall be
elected the following named persons shall
act as the first board of directors: Charles
Kittelson. G. II. Lienau, 0. E. Holman, Ed
ward r. Bryant, Henry Weber, William Ber-
F. Marvin John Fisher, j. o. Vervais, Ed
ward Berreau, Paul Martin, Charles L. Pierce
and w. G. Bryant; and until said election the
following persons shall be officers OF said
NfNrcfi inn. Dor1I orti, n
Veryais vice president; Edward r. Bryant
secretary; Charles kittelson, treasurer; O. E.
Holman, attorney The first regular election
of president, vice president and directors
All vacancies in any Office shall be filled by
the directors at any meeting thereof, regular
or special.
Art. ,NIII-Thes number and amount of
dred thousand Q0O,000) of ten $50 dollars
each. The stockholders of said society shall
consist of persons of twenty-one years of age
andupwards, any person, coPartnership, COM
pany, or corporation, capable by law of con-
tracting, except building societies or associa-
tons of Il like nature to this. may hold stock
in this society, minors and others may hold
stock by guardian Or trustee, but none save
persons upwards Of twenty-one years shall be
allowed to vote. No person shall become
stakeholder who has not previously obligated
himself to said society in writing, that he will
punctually pay the monthly dues, install
ments or assessments on the shares of
stock for which he may subscribe and all
fines, dues, interest, and premiums on loans as
he may become liable for them and that he
will comply with the constitution and bylaws
of said society and all amendments thereto.
Every stakeholder shall be entitled to one
vote only irrespective of the number of shares
he may hold, and such vote cannot be cast by
proxy, nor shall any stakeholder be entitled
to a vote unless he has been such stakeholder
for at least sixty days Immediately preceding
a INV mn hnr Nf sold
ton may be allowed to withdraw therefrom
upon such time and in such manner as may
be prescribed by the bylaws.
Art. IX-The funds accumulated by said
such sums, upon such security, upon such
terms, and in such manner as may be pre-
scribed by the bylaws.
Art. X-When, at any time within thirty
years, each share of the capital stock of this
corporation, of any series thereof shall
become worth par or ten $50 dollars,
every holder of said stock, who has not
borrowed thereon, shall receive for each
share thereof, said sum of ten (SIO) dollars,
less any sum he may then owe said corpor-
ation and the said series of stock shall de-
termine. The board of directors shall there
upon cancel and discharge of record all
mortgages given to secure loans upon stock
of said maturing series, provided the con-
ditions of said mortgages have been fully
complied with, and they shall also return to
the m6rtgagors all papers connected with
such loans.
Art XI-The board of directors of said So
ciety shall have power in their discretion to
issue or to withhold the stock thereof. and
said stock may be issued i'll annual or semi
annual series.
Art XII-The annual meeting of the stock
holders shall be held on the third Saturday
in June in each year commencing in the
year A. D. 1888, to elect president, vice
president and ten directors for the ensuing
year,and to transact any other business of said
society, besides any other stated meetings
may be held at such times and places as may
be prescribed by the bylaws. Special meet
ings may be called in such manner as may be
prescribed by the bylaws.
In witness whereof we have hereunto set
our hands and seals this LIST day of June, A.
D., 1887.
HERMANN SCHEFFER, GSeal.l
CHARLES KITTELSON, fSeal.